Clearance rates hit record high

A clearance rate of 82 per cent nationwide over the weekend has boosted optimism around the housing sector, according to The Australian Financial Review.

RP Data numbers showed a substantial lift in activity across the country, with capital city auction numbers climbing 70 per cent at the same time as clearance rates soared.

Sydney led the way with a record clearance rate of 85.2 per cent, though the second biggest market of Melbourne also performed well with the clearance rate jumping from 69.2 per cent to 79 per cent.

“The market appears to be continuing to rise,” Australian Property Monitors’ senior economist, Andrew Wilson, told the AFR. “We’re seeing anecdotally reports of auction reserves being exceeded by 10, 15, 20 per cent.”